Bitcoin rose on Wednesday as an extended rout in crypto prices drew in some bargain buying

The world's largest crypto saw wild swings this week as Trump's promises of a crypto reserve sparked a sharp rebound from last week's losses

Bitcoin price rose on Wednesday as an extended rout in crypto prices drew in some bargain buying, while hopes of a scaling down in U.S. President Donald Trump’s trade tariffs also aided risk appetite.

The world’s largest crypto saw saw wild swings this week as Trump’s promises of a crypto reserve sparked a sharp rebound from last week’s losses. But this rebound proved to be short-lived as Trump gave few cues on his crypto plans.

The U.S. President also made no mention of crypto during an address in Congress on Tuesday evening.

Bitcoin rose 6.4% to $88,553.0 by 10:18 ET (15:18 GMT).

The DXY index, which gauges the U.S. dollar’s strength, has fallen below 105 for the first time since mid-November.

Lutnick comments spark hopes of tariff relief

U.S. Commerce Secretary Howard Lutnick said on Tuesday evening that Trump could make concessions for Canada and Mexico after imposing 25% tariffs against both countries this week. The two countries had lambasted the move and introduced a host of retaliatory measures.

Trump also imposed 20% tariffs against China.

Lutnick’s comments drove up hopes that Trump’s tariffs will be a negotiating tool and will prove to be short-lived, sparking appetite for risk-driven assets. Stock markets were also seen recovering mildly from recent losses.

But Trump made no mention of any tariff concessions during a Tuesday address before Congress. The U.S. President instead appeared to double down on his tariff agenda, stating that even more measures were coming by early-April.

Bitcoin clocks wild swings ahead of Trump crypto summit

Bitcoin was nursing wild swings over the past week, having initially tumbled below $80,000 amid persistent concerns over trade tariffs.

Trump’s announcement of five cryptos, which will be in a planned crypto reserve, sparked a sharp recovery in the market. But this rebound was short-lived, given that Trump did not clarify two k